Absa | Use FlexiReserve to get extra cash in your home loan

FlexiReserve is a facility that allows you to withdraw any extra money you’ve paid into your home loan over and above your monthly repayments. Your extra payments will reduce the size of your loan while they are in your account. Then, if you ever need cash in a hurry, you can withdraw it using your FlexiReserve.

Benefits of a FlexiReserve

Save on interest

Pay less interest because your extra payments reduce the size of your home loan.

Get extra cash

Transfer your extra payments into your transactional account with FlexiReserve.

Pay it off sooner

If you don't use FlexiReserve, your extra payments will make your home loan quicker to pay off.

All your FlexiReserve questions answered

Do I need to apply to have FlexiReserve activated on my home loan account to access pre- payments?
You will be offered a FlexiReserve facility when you apply for your home loan.

If you don't have a FlexiReserve facility, you can apply at anytime to get one.

You can still make extra payments into your account, but will only be able to withdraw that money once your FlexiReserve facility is approved.
How do I access the funds in my FlexiReserve?
You can transfer available FlexiReserve funds from your home loan into your linked transactional account.

You can do this with your Absa Banking App or Online Banking

You cannot pay a third party directly from the account. You’ll first have to transfer the amount you need to your transactional account.

You can withdraw a minimum of R1 000 per transaction.
Will I always be able to get all the funds in my FlexiReserve facility?
If you keep up with your monthly repayments, you will be able to access all the extra payments in your account.

If you stop paying your monthly instalments, your repayments will be deducted from your FlexiReserve facility (if available).

Any extra payments that remain after that, you can still withdraw.
I need to get more funds than what I have in my FlexiReserve. What do I do?
You have two options:

Apply for a Re-Advance:

You can get cash by taking your existing home loan back up to its original loan amount. With Re-Advance you don’t have to register any additional bonds on your property because it doesn’t increase your original loan amount.

Apply for a Further Advance:

You can borrow the cash from the increased value on your property. You’ll need to register your bond as security to cover this increased loan amount. This will incur further bond registration costs.
I have a joint home loan account. Who can withdraw from our home loan using FlexiReserve?
You and your partner can both withdraw funds using FlexiReserve.

In order to link a transactional account to your joint home loan account, you will need to sign a power of attorney which will allow one transactional account to be linked to the home loan.

You can contact the Absa Home Loan call centre on 0860 111 007 or go to your nearest branch to do this.

After that’s done, then extra payments can be paid into that account.
Why can’t I find my home loan account on my Absa Online banking profile?
This may be because you haven’t linked your home loan account to your Online Banking profile. To do this:

Login to Online Banking

Click on Full service banking

Click on the “Profile” tab

Select “Link/Unlink accounts.”

You can also get in touch with Absa Digital Banking Services on 08600 08600 and select Option 1.
My home loan account is linked to my Online Banking profile but I can’t transfer any cash using FlexiReserve?
You can call us on 0860 111 007 to enable transfers from your home loan account with FlexiReserve.
I don’t want to use my FlexiReserve because I want to pay off my home loan sooner. What do I do?
You can contact the Absa Home Loan call centre on 0860 111 007 and ask for your pre-paid funds to be capitalised.

Once they’re capitalised, we will recalculate your new instalment based on the new outstanding balance and the remaining term of your loan.
I’ve chosen to go for a Payment Relief Plan. Will I still be able to use my FlexiReserve funds?
Yes, you will be able to use your FlexiReserve funds during your Payment Relief period.

Your FlexiReserve facility will however be suspended in the event that your accounts (primary or secondary) are two or more months in arrears.
What happens to my FlexiReserve when I have paid my home loan up before the end of the term?
In this case, your home loan account will reflect a zero balance but with pre-paid funds available under FlexiReserve.

If the FlexiReserve amount available is more than R1000, and there’s a remaining term of more than two months, the account will remain open.

We will stop debiting your monthly repayment from your transactional account. If you have insurance product/s with Absa, they will remain active and continue to be collected from the home loan account to protect you.

These insurance payments will reduce the pre-paid amount and as such, the available FlexiReserve funds will also decrease.

If the FlexiReserve amount available is less than R1000 and there’s a remaining term of less than two months, you’ll have to close the account through the attorney bond cancellation process.

If you don’t close the account, we’ll place it in safe custody and cancel the insurance products.

It is advisable that you close your account so that you have the title deed for your home in your possession.
What happens to my FlexiReserve facility if I have a MultiPlan and one of my linked accounts are in arrears?
If any of your accounts in the MultiPlan goes into arrears by 2 months or more, your FlexiReserve facility will be suspended on all the accounts until such time that all linked accounts are up to date for at least one or more payments.